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Paris - French hotel group AccorHotels announced Monday it has signed a deal to buy Switzerland's Movenpick Hotels and Resorts for $567m.
Founded in 1973, Movenpick has 84 hotels in 27 countries, and plans to open 42 additional hotels by 2021, with significant expansion in Middle East, Africa and Asia-Pacific, AccorHotels said in a statement.
The deal is expected to be finalised in the second half of 2018.
The French group, which already includes the Pullman, Raffles, Novotel and Mercure brands, said the acquisition would further consolidate its operations in Europe and in the Middle East and boost growth, notably in Africa and Asia.
"With the acquisition of Movenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific," AccorHotels CEO Sebastien Bazin said.
"The Movenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio."
AccorHotels' reported turnover was up 0.6% in the first quarter, due to improved performance in Europe, especially in France.
In February it announced the sale of a 55% stake in the subsidiary that owns its hotels to a group of international investors including the sovereign wealth funds of Saudi Arabia and Singapore for €4.4bn.
AccorHotels recently acquired a 50% stake in Mantis, which was founded and is chaired by Adrian Gardiner.
According to Gardiner, there are numerous synergies between the two groups. Both operate global hospitality networks and have a focus on conservation.
"This partnership will strengthen the Mantis offering, as well as ensuring future growth and resilience in an ever evolving and increasingly competitive market,” he said.
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